The U.S. Medical and Recreational Cannabis Industry Explosion!
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In an article by: Aaron Smith CNN
The market has already changed dramatically in the short time that Medical Marijuana started selling their products in 2013. Four years ago, customers were paying $1.25 for a mg., but buying less. Now the prices have plunged to 2.5-4 cents per mg. and the volumes have increased. They were basically the only game in town in 2014 when their sales were $14.5 million. However, increased competition and the drop in prices has halved their sales figures even though their customer count has increased.
California, Massachusetts, and Nevada approved recreational pot on Tuesday. Maine voters also supported legalization by a slim margin, though opponents have called for a recount. Recreational marijuana is already legal in Colorado, Oregon, Washington, Alaska and Washington, D.C. Three more states — Arkansas, Florida and North Dakota — approved medical marijuana, and voters in Montana removed restrictions blocking the creation of a market there. Medical marijuana was already legal in 26 states. California alone, the most populous state in the union, could bring in more than $1 billion in annual tax revenue, based on a forecast from the Tax Foundation. But it would take several years to get to that point. Annual sales of weed in California could reach $7.6 billion by 2020, according to New Frontier Data –$4.3 billion for recreational and $3.3 billion for medical. That matches the $4.3 billion recreational sales estimate from the Tax Foundation. Medical marijuana has been legal in California for 20 years, and generates about $50 million in annual tax revenue. In addition, Kagia said legalization will create “income opportunities for businesses that do not touch the plant but serve the needs of the industry,” like financial services, security, accounting, transportation and marketing. California alone, the most populous state in the union, could bring in more than $1 billion in annual tax revenue, based on a forecast from the Tax Foundation. But it would take several years to get to that point. Annual sales of weed in California could reach $7.6 billion by 2020, according to New Frontier Data –$4.3 billion for recreational and $3.3 billion for medical. That matches the $4.3 billion recreational sales estimate from the Tax Foundation. Medical marijuana has been legal in California for 20 years, and generates about $50 million in annual tax revenue. In addition, Kagia said legalization will create “income opportunities for businesses that do not touch the plant but serve the needs of the industry,” like financial services, security, accounting, transportation and marketing.
In an article by: Jen Christensen, CNN
(CNN) On this election day, voters in five states will get to decide whether marijuana should be legal to use recreationally. It’s on the ballot in California, Massachusetts, Maine, Arizona and Nevada. Voters will also decide whether it should be used for medical reasons in four other states. The drug is still illegal under federal law, but it has grown in popularity over the years. The number of adults who have smoked weed has nearly doubled in three years, according to a Gallup poll released in August. It is the No. 1 illicit drug of choice for Americans, according to the 2014 National Survey on Drug Use, although only one-third of users reported an addiction to the substance, unlike most all the other illicit drugs used. Currently, it’s legal to use recreational marijuana only in four states and in the District of Columbia. Colorado and Washington state voted to OK it in and Oregon voters approved it in 2014. Medical marijuana is legal in half of US states and is on state ballots this year in Montana, Florida and North Dakota. It will be on the ballot in Arkansas with two initiatives, but the results won’t count for one of them, after the state Supreme Court struck the issue in October, due to invalid signatures.
In an article by: Jen Christensen, CNN
With 23 states and the District of Columbia having legalized recreational and medical marijuana, the packaging of the products in the industry is becoming more critical and is under deeper scrutiny by regulatory authorities. Each state enforces its own rules of how cannabis products should be packaged. While most states have their own regulations, some adopt rules from others or have no official rules. It is important for Producers, Processors and Retailers to know and understand these regulations. Over the last few moths, the regulations for edible and infused product packaging have become stricter requiring differentiation from similar non-cannabis products and in some cases requiring single dosage servings. This is mainly due to issues of misuse the proper dosage and the attractiveness of edibles to children. The following table lists the regulatory summary and link of each state’s rule for cannabis packaging. Referring and following these rules in the specific market that your business is in is essential to the success of the business and its positive social impact.
